Sanjib Banerjee, J. - (1.) THE petitioners seek winding up of the company on its refusal to repay loans of combined value of Rs. 6,05,000 obtained between 1997 and 1999, allegedly acknowledged in 2000 and 2003 but not repaid despite issuance of the notice under Section 434(1)(a) of the Companies Act, 1956. The petitioners assert that they had made the money available to the company in connection with the construction of a hospital by the company in Siliguri and that the company had agreed to pay interest at the rate of 24, per cent, per annum on such loan.
(2.) THE petitioners rely on a letter of October 10, 2000, said to have been issued by the company and appearing to be signed by Dr. W. W. Chhang, the chairman -cum -director of the company and the apparent admission of the company found in the second and third paragraphs of such letter: Details of the received cheques and cash are as follows: Sri Pawan Kumar Agarwal, Smt. Mina Devi Agarwal and Smt. Kalpana Agarwal -Rs. 1,50,000, 2,50,000 and 1,00,000 vide cheques Nos. E 010760, CWN 49101 and CWN 49083 dated October 19,1997, October 23,1997 and October 23,1997 drawn on Allahabad Bank and United Bank and Rs. 35,000 each vide cheque Nos. SB/Z 181631, CWN 49103 and CWN 49085 all dated April 7, 1999, drawn on Allahabad Bank and United Bank of Siliguri and Rs. 25,000 each in cash from Smt. Mina Devi Agarwal and Smt. Kalpana Agarwal on April 7, 2000. At present due to development work in the nursing home, our company is not in a condition to repay the loan amount with interest. So our company hereby requests you to further extend time to repay the said loan amount with interest within 3 (three) years from the date of this letter of acknowledgment of debt of our company. The petitioners also rely on cheques for Rs. 6,11,234 and Rs. 10,07,700 said to have been issued by the company on March 1, 2003 and March 3, 2003 and bearing the same signatures as appearing on the letter of October 10, 2000. The writing of the date, payee and figures in both the cheques appear to be in the same hand and it is the petitioner's case that such cheques were not presented for payment on the company's representation that it did not have adequate funds in its bank account at the relevant time.
(3.) THE petitioners next rely on a subsequent letter of September 15, 2003, said to have been issued by the company wherein the loans appear to have been acknowledged. The second and third paragraphs of such subsequent letter reads as follows: I am also very much grateful to you for not presenting the 2 (two) cheques, which were issued by me in favour of you, Sri Pawan Kumar Agarwal and Smt. Mina Devi Agarwal, amounting to Rs. 6,11,234 and 10,07,700 dated March 1, 2003 and March 3, 2003, cheques Nos. 407835 and 407839 drawn on SBI, Hill Cart Road, Main Branch, Siliguri, of our company, in your respective bank account for encashment, on my request due to insufficient fund in the company bank account. By a resolution dated September 10, 2003, in a special general meeting our company further acknowledge the debt of Rs. 6,55,000 (rupees six lakhs fifty five thousand only) and promised to pay the same with 24 per cent, interest per annum (compounded quarterly) at earliest possible.;